Moody's Issues Warning To Ramapo, Montebello, Places Them 'On Review'

The town of Ramapo and the village of Montebello have been placed "on review" by Moody's Investors Service. Both municipalities say they are confident that their credit ratings will be maintained once all the facts are in.
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Ramapo blamed the delay in turning over the material on its having to change to a new auditing firm last year, lohud.com’s story said.

Ramapo’s original auditor, PKF O’Connor Davies in Mamaroneck, and one of its senior partners, were charged last fall by the U.S. Securities and Exchange Commission with issuing fraudulent audits on municipal bond offerings connected to the building of the town's baseball stadium.

According to an earlier Daily Voice report, PFK O’Connor Davies agree to pay more than a half-million dollars in penalties without having to admit to the SEC's accusations.

A federal corruption trial of St. Lawrence and former economic aide Aaron Troodler was originally set for January, but has been moved back to April, an earlier lohud.com story said.

(They both have pleaded not guilty in the case, multiple media reports said.)

Montebello’s mayor, who said that the village’s 2015 audit is on track for completion next week, blamed the delay on the sudden death of the village’s clerk/treasurer last year, lohud.com reported.

Both municipalities told lohud.com they were confident that they were financially sound and that their ratings would not be withdrawn or lowered once Moody’s gets all the facts.